- Ethereum price started a fresh increase from the $2,850 zone against the US Dollar.
- ETH price is now trading near $3,050 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $2,910 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to rise if there is a clear move above the $3,100 resistance.
Ethereum price is showing positive signs above $2,900 against the US Dollar. ETH/USD might rally further if there is a clear move above the $3,100 level.
Ethereum Price Analysis
Recently, ethereum saw a downside correction from the $3,280 zone against the US Dollar. ETH price traded below the $3,000 support zone and the 55 simple moving average (4-hours).
However, the bulls were active near the $2,850 zone. A base was formed above the $2,850 level and the price started a fresh increase. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $3,284 swing high to $2,836 swing low.
There was also a move above the $3,000 resistance zone. It is now trading near $3,050 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,060 level.
It is near the 50% Fib retracement level of the recent decline from the $3,284 swing high to $2,836 swing low. The first major resistance is now forming near the $3,100 level. A close above the $3,100 level could start another increase. The next major stop for the bulls could be near the $3,280 level.
If there is no upside break above $3,100, the price might start a downside correction. An immediate support on the downside is near the $2,980 level. The next major support is now near the $2,920 level.
Besides, there is a key bullish trend line forming with support near $2,910 on the 4-hours chart. A break below the $2,910 support could push the price to $2,850. Any more losses could lead the price towards $2,740. The next major support is near the $2,550, where the bulls might take a stand.
Looking at the chart, Ethereum price is clearly trading near the $3,050 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to rise if there is a clear move above the $3,100 resistance.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $2,980, followed by the $2,910 zone.
Key Resistance$ Levels – $3,060 and $3,100.
